Worldcoin, a cryptocurrency project founded in 2020 by Sam Altman, Alex Blania, and Max Novendstern, which aims to transfer global financial systems through its innovative use of iris-scanning technology using ORB devices. The core of Worldcoin’s approach is the Orb, a device designed to scan individual’s irises and create a unique digital identity for each person.
This technology not only ensures the distribution of Worldcoin (WLD) tokens but also addresses serious issues related to financial inclusion. By offering a universal digital identity, As Worldcoin aims to offer financial services to people who don’t have easy access to banking. It does this while keeping their personal information private through a system called World ID.
The World ID system uses the zero-knowledge proofs to verify user identities, which helps prevent automated systems (bots) handle the network and ensures a secure and equitable distribution of tokens. The goal is to create a global financial network that is accessible and inclusive, making financial services available to everyone, regardless of their location or economic status.
Worldcoin has seen rapid adoption across the globe, with Orbs already deployed in countries such as Hong Kong, Mexico, Uganda, the U.S., Malaysia etc., The project’s innovative approach has generated major interest and excitement, positioning Worldcoin as a key player for greater financial inclusion. The deployment of Orbs in these regions has helped demonstrate the potential of biometric technology in creating a universal digital identity system and has laid the groundwork for further expansion.
In India, where Worldcoin initially experienced high enthusiasm and demand, the company had to suspend its Orb-verification services in December 2023. The decision was made by safety concerns related to the overwhelming crowds at verification locations and logistical challenges. Worldcoin has announced plans to resume services in India in 2024, with improved procedures to manage demand and ensure a secure and efficient flow of its World ID system.
At Korea Blockchain Week 2024, Worldcoin made headlines by setting up for Orb verification at the event, As the Worldcoin team joined the event and made event participants and attendees verify their World ID using the ORB device, thus allowing them to experience the technology firsthand. This event showcased Worldcoin’s commitment to expanding its global presence and provided a preview of its plans for the future.
As India Blockchain Week (IBW) 2024 approaches in December 2024 at Bangalore, there will be a major event featuring over 50 blockchain and web3 activities. It will bring together Industry leaders, developers, and enthusiasts for conferences, workshops, and networking. The event aims to showcase the latest technologies and foster collaboration within the blockchain community. There is considerable anticipation that Worldcoin Team may join in the India Blockchain Week 2024 event as happened at Korea Blockchain Week’s event, this will be beneficial for the event attendees to verify their World ID using ORB device . This may mark an important step in its efforts to re-engage with the Indian market and advance its mission of global financial inclusion.